Just a while ago, companies were not sure about using big data analytics for business execution. There was a simple reason for the organization to not venture into big data. It was the cost of analysis.
In this modern era, everything went digital, so data is flooding in from every single direction. Organizations are getting overloaded with terabytes and petabytes of data in different formats from sources like operational & transactional systems, customer service points, also mobile & web media. Now, it creates a problem of storage. And with no proper utilization of the data, collecting & storing is a waste of resource. In the past it was difficult to process such data without relevant technology.
Significance of Big Data Analytics
As its name suggests, big data, obviously, is big. It is so big that traditional data processing techniques are just not enough to analyze it. With the ‘beginning of the digital age’ data explosion has occurred. And because of the volume, variety & velocity at which the data is growing, it is extremely difficult for organizations to store or compute this data for timely & accurate decisions. Here big data analytics comes to the rescue. To examine enormous amount of data and uncover the relevant features that will help businesses to make better decisions, is what Big data analytics work for.
But to make big data really helpful an organization needs to know that it is really applicable or not and the ability to make it useful. If an organization has the needed resources, it should definitely move forward to the big data analytics.
Big Esteem of Big Data Analytics
The esteem of big data is not just limited to the volume & velocity, but also referred by the variety, variability & complexity of the data. So it needs only some upgrades & efforts to fully perceive the potential of big data. It just that only once an organization gets it running, the benefits are just more than one’s expectations. It is just out of our imagination the amount of data users are creating for different organizations like social media interactions, product reviews, free job portal & alerts, customer service & transactional points.
Why Big Data Analytics is a key to business growth?
The important thing of big data analytics is the way organizations use it to boost their business performance, innovate and provide better customer service. Here are some of the ways big data analytics are proving to be the key to business growth.
1. Boosts Performance through better data analysis
With the help of big data analytics one can take a look at his organization, how exactly & efficiently it is working. Like this, based upon the findings of this analysis, an organization can work on to make the workforce more effective.
2. Helps to understand market sentiment & competitor strategies
Big data analysis helps organizations to be forward in the business competition. The market sentiments related to the organization and its competitors can be understood by simply analyzing the big data. It will help organizations to create strategies to make the right decision.
3. It Minimizes the risk through valuable insights
The most dangerous thing for a company is to make wrong business decisions. But with the help of big data, organizations can minimize their risks through the valuable insights they can gather through analysis.
4. Helpful in Innovation of new products and services
Big data analysis helps organizations to understand better what customers want and with the help of this, they can provide better after-sales service. Additionally, they can be innovative about their new products so that it can pertain to the customer’s viewpoint.
5. Online reputation of brands can be monitored more precisely
Especially those organizations who are active in social media, big data analytics is of great help, to actively monitor & improve their social media presence. Not just that, it also gives them a good idea about the brand’s views on the web.
Big data analytics are becoming a key to business growth, especially, for the organizations who want to grow in this age of innovation.